It also means figuring out a sustainable way to manage your investments, including long-term tax planning.

2. Clear down debt

Inheriting a lump sum is a great opportunity to remove some or all of your debt burden immediately – especially expensive debt such as overdrafts and credit cards.

No investment will give you a guaranteed return which beats the savings from paying off debt.

3. Take time, and take advice

Avoid rash decisions if you’ve come into a meaningful sum. Take advice from a reputable financial provider… but avoid the sharks who may circle at the whiff of money to be extracted.

That said, decisions will need to be made. Staying 100% in cash is not the right answer for most people who have come into a decent sum of money. Put simply, there are many more productive ways to get your money working for you.

A good advisor will devise a tailored plan that fits with your circumstances.

4. Keep it safe

While you are making your plans, put your money somewhere safe.

Remember that the first €100,000 of cash in Irish banks is State-guaranteed. Beyond this amount, it may be worth spreading among numerous financial providers, or even State Savings.

5. Consider giving

For some people, a windfall lump sum is an opportunity to be generous. At its simplest, in Ireland you can give €3,000 away to unlimited numbers of people each year with no tax consequences.

For larger sums, now may be the time for detailed inheritance tax planning to ensure future windfalls for the people you’d like to benefit in the long term.

By investing €250 a month you could save €17,400 in 5 years

Warning: Past performance is not a reliable guide to future performance. The value of your investments can go down as well as up and you may lose some or all of the money you invest. Investments denominated in a currency other than your base currency may be affected by changes in currency exchange rates.